SLF · Sun Life Financial Inc.

Sun Life Financial Inc. reported first quarter 2026 results with underlying net income of $1,050 million, a modest increase of $5 million year-over-year, driven by strong performance in Asia (up 17% to $216 million) and Canada (up 7% to $370 million), partially offset by lower results in Sun Life Asset Management. Reported net income fell sharply by 50% to $465 million, primarily due to a $165 million charge from the acquisition of remaining equity interests in SLC Management affiliates and a $145 million charge for the proposed settlement of a legal matter in Canada, along with unfavorable market-related impacts. Underlying EPS rose 4% to $1.89, while reported EPS dropped 48% to $0.84. Underlying ROE improved to 18.6% from 17.7%, while reported ROE fell to 8.2%. The company increased its quarterly dividend to $0.96 per share and announced its intention to renew its normal course issuer bid to purchase up to 10 million common shares. During the quarter, Sun Life completed the acquisitions of the remaining interests in BentallGreenOak and Crescent Capital for approximately US$1.77 billion in total, and announced its intention to acquire Bell Partners Inc., a U.S. multifamily real estate investment manager, expected to close in the second half of 2026. Management highlighted strong growth in protection businesses across Asia, Canada, and U.S. Health and Risk Solutions, and continued progress in digital and AI initiatives.